Key Market Trends: June 2023 - Unraveling the Real Estate Ups and Downs

Dated: July 22 2023

Views: 161

WAAR REGION: Williamsburg, James City County, York County, New Kent County, Charles City County VIRGINIA

real estate roller coaster

Hey there, fellow homebuyers and sellers! It's Tia Stanley, your seasoned REALTOR, bringing you the inside scoop on real estate market trends that unfolded in June 2023 within the WAAR footprint. Let's dive right into the data just released July 21, 2023 and uncover the highs and lows that shaped the month!

1. Sluggish Sales Activity - A Dip in the Numbers

June saw sales activity hit a bit of a bump in the WAAR footprint. We observed a total of 411 sales, notably 51 fewer sales than the previous year, marking an 11% decrease. Among the local markets, New Kent County took the steepest fall with 39 fewer sales compared to last year, representing a significant decline of 45.3%. James City County wasn't far behind, experiencing a 10.7% drop with 22 fewer sales. On the brighter side, York County proved to be the shining star this month, witnessing a 7.4% growth with 10 additional sales, making it the only local market to see an increase in sales.

2. Pending Sales on the Rise - An Uplifting Sight

While sales may have faced a temporary slump, pending sales showed their prowess in June 2023. The WAAR region witnessed a remarkable surge with 388 pending sales, marking a whopping 27.6% increase compared to the previous year, totaling 84 more pending sales. The spotlight was on York County, showcasing a 143.6% rise in pending sales compared to the same time last year, with 79 more pending sales. Unfortunately, New Kent County saw a slight dip in pending sales, with nine fewer pending sales compared to the year before.

3. Climbing Prices - A Thrilling Ascent

Hold onto your hats, because June brought us soaring prices in the WAAR footprint! The median sales price reached an impressive $424,845, representing a thrilling 7.4% increase from the previous year, resulting in a $29,438 price hike. But the true stars of this show were Williamsburg homes, commanding a median price of $435,000, boasting a remarkable 14.5% increase - that's an exhilarating $55,100 more than the previous year! However, Charles City County faced a twist in the plot, experiencing an uncomfortable 28% decrease in home prices this month, signaling a loss of $103,500, while New Kent County experiences a modest 3.2% increase from $374,848 to $386,758.

4. Tight Supply - Navigating the Challenge

As we venture further into the real estate journey, we encounter a formidable challenge - a tight housing supply. At the end of June, there were only 544 active listings in the WAAR area, marking a 7.8% decrease from the previous year, resulting in 46 fewer listings. York County and New Kent County were significantly affected, experiencing decreases of 20.5% and 17.3%, respectively. However, James City County defied the odds, emerging as the hero with 24 more listings than last June, representing an 11.9% increase.

There you have it, folks - June 2023 brought us an eventful ride through the real estate market, with ups, downs, and thrilling twists along the way. While sales activity faced a slight dip, pending sales offered a glimmer of hope. Prices soared to new heights, leaving sellers delighted, but challenges persisted with a tight housing supply. As always, I'm here to guide you through this ever-changing landscape. Stay tuned for more market insights and expert advice from yours truly, Tia Stanley, your trusted real estate companion!

REALTOR. ADVISOR. matters who you hire! Contact Tia Stanley 757-243-3245

Resource Credit: The data and market insights presented in this blog post were sourced from the Virginia Realtors/Freddie Mac with expert analysis provided by Tia Stanley Real Estate - RE/MAX CAPITAL.

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Tia Stanley

Like you, I am a consumer of goods and services. My goal is to provide you with the kind of service that I want to receive to earn your business and referrals for years to come. A full-time REALTOR s....

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